Stoltmann Law Offices is investigating Russell Macke, a former registered broker with B.B. Graham. Macke is accused of making unsuitable investment recommendations, churning and excessive trading (in which the broker excessively trades a customer account to generate large commissions for himself) and investment fraud, among other transgressions. Allegedly, Macke caused his customers to pay excessive margin interest, commissions and fees and the amount of trading in the customer’s accounts was inconsistent with their financial circumstances and investment objectives. A broker must take into account a client’s investment objectives, investment sophistication and knowledge, age and net worth among other factors before recommending investments. If he does not, his firm may be liable for investment losses because they must reasonably supervise him as an employee. Macke was alleged to have opened a brokerage account for an 85 year-old customer who was living in a nursing home. During the time period from August 6, 2007 through June 30, 2008, Macke effected 99 stock transactions in the account. The account lost $52,905 in value and the customer paid $50,117 in margin interest, fees and commissions.
Russell Macke was registered with Metropolitan Life Insurance Company, John Hancock Mutual Life Insurance, Re-Direct Securities Corp, Waterstone Financial Group, Moloney Securities, Forsyth Securities, and B.B. Graham & Company in Orange, California from July 2012 until April 2015. He has four customer disputes against him, one of which is pending. He is not licensed within the industry and the Financial Industry Regulatory Authority (FINRA) permanently barred him from the industry.
If you invested money with Russell Macke, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney. You may be able to sue his former firm, B.B. Graham for investment losses. The call is free with no obligation and we take cases on a contingency fee basis only so we only get paid if you recover money.
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